TRICAP Investments, a Dubai finance group, is advancing up to €35 million to resurrect Mayo brothers Ulick and Des McEvaddy’s proposed Terminal 3 project at Dublin airport, according to The Sunday Times.
The report stated Tricap has refinanced loans secured on three tracts of lands at the airport, some previously held in Nama, and will lend up to €4 million in working capital to advance the project.
The report continued: “The land comprises a total of 128 acres at Huntstown and Dunbro Lane, and was previously held by companies owned by the McEvaddys, the Monks family and Gerry Gannon.
“It is understood that Gannon no longer has an interest in the lands.
“Tri-Aviation Project Co, a new company, has bought the lands with the backing of Tricap, and the McEvaddys and Gerard and Karen Monks have been granted a minority stake in the company. It is expected that the McEvaddy group will now seek to advance their terminal proposal to the authorities.
“A report compiled by Indecon International Economic Consultants for the Department of Transport last year recommended the state should consider promoting greater competition in airport infrastructure in Dublin by facilitating competing terminals or even a competing airport.
“The McEvaddy project, which looks to develop lands on the western side of the airport, has been touted for almost two decades and was originally pitched as an alternative to the DAA’s Terminal 2. The brothers presented the plan to transport minister Shane Ross last July, and insist their western lands are the only viable option for a third terminal at the airport.”
The McEvaddy brothers are natives of Swinford and the local soccer pitch is named in honour of James McEvaddy, Des and Ulick's father.